About Pippin Aint Easy

Like the title of this blog suggests, grabbin' pips in the Forex markets is easier said than done. This technical analysis blog will allow you to check out how I see currency price action playing out and chart patterns forming in real-time.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

Daily Forex Chart Art – Oct. 30, 2015

NZD/USD: 1-hour

NZD/USD 4-hour Forex Chart

First up is this quick pullback on NZD/USD’s 1-hour forex time frame. The pair recently broke past the resistance at the .6650 minor psychological level then climbed close to the .6900 major psychological mark. From there, Kiwi bulls decided to take a break and allow the pair to retreat. Price is now testing support at the 38.2% Fibonacci retracement level, which coincides with the broken resistance area, and looks prime for a bounce back to the previous highs. The 100 SMA is above the longer-term 200 SMA anyway, confirming that the uptrend is likely to carry on. In addition, stochastic is already moving out of the oversold region, which means that Kiwi bulls are getting back in action and ready to go for more gains.

NZD/CAD: 4-hour

NZD/CAD 4-hour Forex Chart

Here’s another pullback situation on a Kiwi pair! NZD/CAD previously broke above the neckline of a double bottom pattern on its 4-hour forex chart, indicating that it’s ready to head further north. However, the .9000 major psychological level appears to have held as strong resistance, leading the pair to retrace back to the broken neckline. This is near the 38.2% Fibonacci retracement level and the 100 SMA, which appears to have held as a dynamic support area. Stochastic is already turning higher, with a slight bullish divergence to boot. If this is enough to draw more buyers back in the game, NZD/CAD could make another attempt at breaking past the .9000 barrier. But if the correction ain’t over, price could still test the next support at the 50% Fib and 200 SMA.

USD/CHF: 4-hour

USD/CHF 4-hour Forex Chart

Lastly, here’s a potential pullback play that’s brewing on USD/CHF’s 1-hour forex chart. The pair just surged past the resistance at the .9800 major psychological level then zoomed up to the .9950 area before showing signs of exhaustion. Stochastic is heading down from the overbought zone, which means that sellers are taking over price action for now. Using the handy-dandy Fib tool on the latest swing low and high shows that the 38.2% retracement level is a few pips below this broken resistance zone, which might hold as support. However, a larger pullback to the lower Fibs might be possible, as these line up with the moving averages. Besides, the 100 SMA has yet to cross above the longer-term 200 SMA to indicate that the rally is set to resume.

Forex Chart Settings:

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.